ATLANTA, Nov. 15 /CNW/ -- The Home Depot(R), the world's largest home
improvement retailer, today announced that its board of directors declared a
third quarter cash dividend of 22.5 cents per share. The dividend is payable
on December 13 to shareholders of record on the close of business on November
(Logo: http://www.newscom.com/cgi-bin/prnh/20030502/HOMEDEPOTLOGO )
This is the 83rd consecutive quarter the Company has paid a cash dividend
and reflects the board's continued commitment to creating shareholder value.
Since 2002, the Company has returned $32.6 billion to shareholders through
$5.4 billion in dividends paid and $27.2 billion in share repurchases. Since
the inception of its share repurchase program in 2002, the Company has
repurchased 743 million shares, which is 32 percent of its outstanding shares.
New Board Members
The Home Depot today announced the appointments of F. Duane Ackerman, 65,
Ari Bousbib, 46, and Karen Katen, 59, to the Company's board of directors.
These appointments are a part of the Company's planned succession process
to replace four existing board members, John L. Clendenin, 73, Claudio X.
Gonzales, 73, Milledge A. Hart III, 73, and Kenneth G. Langone, 72, who are
scheduled to retire from the board in May 2008. Also, today the Company is
announcing that Helen Johnson-Leipold, 50, has resigned from the board due to
additional demands on her time.
"We could not be more pleased to have executives of this caliber join our
board," said Frank Blake, chairman & CEO. "Each of these individuals brings
top-notch skills and experience in areas such as corporate governance,
consumer focus, business development and strategy. Lastly, I would like to
thank Helen Johnson-Leipold for her service as a director during the past
F. Duane Ackerman is the retired chairman and chief executive officer of
the BellSouth Corporation. Mr. Ackerman began his communications career in
1964 and was named president and chief executive officer of BellSouth
Telecommunications, the enterprise's largest subsidiary, in 1992. Mr.
Ackerman was then promoted to vice chairman and chief operating officer of the
parent company, BellSouth Corporation, in 1995. He was then elevated to the
position of president and chief executive officer of BellSouth in 1997. One
year later, the board added the chairman's responsibilities to Mr. Ackerman
and he served as chairman and chief executive officer until BellSouth's merger
with AT&T in December 2006. A resident of Atlanta, Mr. Ackerman is an active
member within the community where his civic commitments include membership on
the board of the Georgia Research Alliance and the Woodruff Arts Center.
Ari Bousbib is the president of Otis Elevator Company, a unit of United
Technologies Corp. and the world's largest manufacturer, installer, and
servicer of elevators, escalators, moving walkways and other horizontal
transportation systems. He has held this position since 2002. Previously,
Mr. Bousbib was Otis' chief operating officer from 2000 to 2002. Before
joining Otis, he held several leadership positions for the parent company,
including vice president, Corporate Strategy and Development. Prior to
joining United Technologies, he was a partner with Booz Allen Hamilton. He
joined that firm in 1987 and was elected to its partnership in 1992.
Karen Katen currently serves as chairman of the Pfizer Foundation, and
recently retired as vice chairman of Pfizer Inc. and as president of Pfizer
Human Health, the company's principal operating group. Ms. Katen joined
Pfizer in 1974 and has held numerous leadership roles within the organization
until her retirement earlier this year. In 1993, she was named executive vice
president of Pfizer U.S. Pharmaceuticals and she was promoted to president of
that same business unit in 1995. During 2001, she was named president of
Pfizer Pharmaceuticals Group, the global pharmaceutical unit of Pfizer, and
was elected executive vice president of Pfizer. She was elected vice chairman
of Pfizer in 2005.
With today's announcement, The Home Depot's board currently consists of
14 members, with 13 of them being outside directors.
The Home Depot(R) is the world's largest home improvement specialty
retailer, with 2,221 retail stores in all 50 states, the District of Columbia,
Puerto Rico, U.S. Virgin Islands, 10 Canadian provinces, Mexico and China. In
fiscal 2006, The Home Depot had sales from continuing operations of $79.0
billion and earnings from continuing operations of $5.3 billion. The Company
employs approximately 350,000 associates. The Home Depot's stock is traded on
the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones
industrial average and Standard & Poor's 500 index. HDE
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Home Depot Web Site: http://www.homedepot.com